Affinity Biosciences' Parent Company Yafei Biopharma Secures Over RMB 400 Million in Series B2 Financing to Accelerate Oncology Drug Development

VCBeat has learned that Shanghai AFFINITY Biopharmaceutical Technology Co., Ltd. (“AFFINITY”), whose parent company is Yafei (Shanghai) Biomedical Technology Co., Ltd. (“Yafei Biomedical” or the “Company”), recently announced that it has completed its Series B2 financing round, with investment exceeding RMB 400 million.

This round of financing was led by SDIC Merchants, with participation from renowned investment institutions including China Growth Capital, Hongcheng Investment, Guozheng Investment, Guosheng Capital, Hongfu Asset, Anxin Guosheng Microchip Fund, Guoyuan Innovation Investment, and Hongyao Sci-Tech Innovation. CITIC Securities served as the financial advisor for this transaction.This round of funding will provide strong momentum for AFFINITY’s global clinical research on innovative drugs, accelerating the development of its technology platforms and drug candidates to meet the urgent clinical needs in oncology treatment.

AFFINITY, an advanced enterprise dedicated to the research, development, production, commercialization, and external collaboration of first-in-class or best-in-class innovative anticancer drugs, has established a proprietary, first-in-class multi-specific smart conjugate drug technology platform activated exclusively within the tumor microenvironment. This platform underpins an integrated R&D innovation system centered on tumor microenvironment-activated small molecule conjugates, antibodies, bispecific antibodies, and antibody-drug conjugates (ADCs). To date, AFFINITY has developed more than 20 innovative drug candidates for the treatment of cancer and other major diseases.

Lagubicin, a small-molecule drug conjugate specifically activated in the tumor microenvironment and independently developed by AFFINITY, is approaching unblinding in its registrational clinical trial. Interim analysis of the head-to-head registrational clinical trial for soft tissue sarcoma, comparing Lagubicin with doxorubicin, has demonstrated superior clinical data for Lagubicin. The treatment window is expected to be significantly widened, with an excellent safety profile that completely resolves the cardiotoxicity associated with anthracyclines, thereby significantly prolonging progression-free survival. Meanwhile, clinical studies of Lagubicin are ongoing or being initiated across multiple cancer types.

AFFINITY is actively pursuing collaborative development initiatives. It has licensed the domestic rights to a highly promising small-molecule drug and is co-developing multiple innovative medicines through technology licensing agreements. The company aims to leverage its proprietary technologies to develop first-in-class and best-in-class novel drugs and combination therapies, striving to become a leading pharmaceutical enterprise in this field and ultimately benefiting cancer patients.

Dr. Liu Chen, Founder, Chairman and CEO, and Co-Chief Medical OfficerThe statement reads: “This round of financing further demonstrates investors’ strong recognition and confidence in our tumor microenvironment-specific activatable intelligent drug platform and our existing product pipeline. We focus on enhancing efficacy and reducing toxicity for molecules that show potential therapeutic effects against specific targets but are associated with high toxicity, aiming to address the significant unmet clinical needs in current oncology treatment. Our approach opens up new avenues for expanding the clinical application of traditional drugs, developing novel molecular entities, and advancing combination therapies. Notably, the pan-cancer-specific protease targets we leverage, which are highly expressed in tumor tissues, exhibit remarkable broad-spectrum applicability and can be utilized in drug development for various solid tumors. We look forward to revolutionizing cancer treatment outcomes over the next 5 to 10 years through our technology platform, transforming malignant tumors into chronic, manageable conditions that allow patients to achieve long-term survival.”

SDIC Merchants Life Sciences TeamIt stated: “In the post-chemotherapy, targeted therapy, and immunotherapy era, conjugate drugs based on the ‘targeted + potent cytotoxicity’ design philosophy have ushered in a new chapter in oncology pharmacotherapy. Yafei Biomedical, through years of dedicated research and development in the field of legumain, has developed a novel conjugation technology that can significantly widen the therapeutic window of anti-tumor drugs and enhance efficacy, upgrading traditional agents into novel drugs that are specifically activated at tumor sites. The advantages of this technology have been preliminarily validated in multiple clinical trials of LeguBixin. China Growth Capital will support the advancement of Yafei Biomedical’s existing pipeline and help expand its platform technology. We look forward to Yafei Biomedical bringing new options to the global conjugate drug landscape, providing patients with safer and more effective treatment regimens, and jointly promoting the high-quality development of China’s innovative drug sector.”

China Growth Capitalstated: “China Growth Capital continues to maintain its focus on innovative drugs with global competitiveness. AFFINITY’s unique low-toxicity platform technology is expected to expand the therapeutic window and improve clinical outcomes for multiple drugs, and the clinical data from its first pipeline has demonstrated the advantages of this technology platform. We look forward to the performance of the company’s additional clinical pipelines.”

Hongcheng Investment Project Team“The Hongcheng Investment team, leveraging over two decades of operational management experience in the pharmaceutical industry, focuses on the pharmaceutical and broader healthcare sector in East China. AFFINITY Biologics possesses extensive R&D expertise in the field of multi-specific conjugated drugs for tumor microenvironment activation. It has established a drug development platform with distinct features and advantages in tumor-targeted enzymatic cleavage, encompassing small-molecule conjugated drugs, cytokine-shielded biologics, chemically conjugated shielded antibodies, and a differentiated ADC platform. Furthermore, the company demonstrates strong capabilities in continuous innovation, iteration, and commercialization around its core conjugated drug products. Hongcheng Investment will partner with AFFINITY Biologics to accelerate the market launch of clinically superior products, serving both domestic and international markets.”

Guozheng Investment (SDIC Securities Investment Co., Ltd.) Project Team“AFFINITY possesses a globally leading R&D platform for tumor microenvironment-specifically activated conjugate drugs, featuring strong technological extensibility. The company has completed patent layout for its key platforms, which can be leveraged to develop multiple product series. Its core product, Lagubicin, is the world’s first laguzyme-activated small molecule/albumin conjugate drug. It effectively addresses critical pain points such as the severe side effects associated with tumor chemotherapy, demonstrating outstanding clinical value. We are honored to participate in this round of financing and sincerely look forward to the early market launch of its products, benefiting more cancer patients both domestically and internationally.”

Guosheng Capital Project Teamstated: “Guosheng Capital is a state-owned industrial capital firm rooted in the Chengdu Tianfu International Bio-town, dedicated to serving the global development of innovative life sciences. Its investment portfolio spans five major sectors: modern biotechnological drugs, innovative chemical drugs, high-performance medical devices, professional outsourcing services, and healthcare services. Guided by the principle of ‘government guidance + market logic + specialized operation,’ the firm is committed to becoming a comprehensive financial service provider with significant industry influence in China. Yafei Biomedical adheres to independent innovation and has successfully developed a Tumor Microenvironment-Specific Activation (TMEA) drug platform to address the clinical challenge of severe side effects associated with anti-tumor therapies. The core of this technology lies in its exclusively patented chemical conjugation linker, which transforms traditionally highly toxic drugs into TMEA-activated forms, thereby achieving reduced toxicity and enhanced efficacy. The platform boasts strong extensibility, applicable not only to small-molecule drugs but also to large-molecule therapeutics such as monoclonal antibodies, bispecific antibodies, cytokines, and antibody-drug conjugates (ADCs). We are honored to participate in this round of financing, supporting the company in advancing pharmaceutical innovation to benefit more people in China.”

Hongfu AssetsShanghai Hongfu Asset Management Co., Ltd. stated: “Hongfu Assets focuses on frontier technological innovation, with key investments directed toward sci-tech innovation enterprises that align with national strategies, achieve breakthroughs in critical technologies, and enhance the nation’s core competitiveness. Chemotherapy remains a preferred option for treating many types of cancer; however, its safety concerns expose patients to significant toxicity. AFFINITY’s technology platform is dedicated to addressing this clinical pain point. Currently, the pivotal registration clinical trial for AFFINITY’s product, Lagubicin, is approaching unblinding. Even under blinded conditions, the data have demonstrated clear trends in efficacy and safety superior to existing first-line chemotherapy regimens. We are honored to participate in this round of financing as a shareholder and eagerly anticipate the early market launch of the company’s ‘non-toxic chemotherapy’ products and ‘super antibodies,’ thereby benefiting a broad patient population.”

Anxin Guosheng Microchip Fund Project TeamIt stated: “Yafei Biomedical is dedicated to the development of innovative drugs based on its tumor microenvironment-specific activation platform, with extensive layouts in small molecules, antibody drugs, and ADCs. Multiple products have entered clinical trials, demonstrating breakthrough therapeutic potential and an excellent safety profile, which validates the reliability of the platform technology and underscores the company’s immense growth potential. Chengdu Anxin Guosheng Microchip Pharmaceutical Health Equity Investment Fund Partnership (Limited Partnership) is honored to participate in this round of financing and looks forward to the company’s products benefiting patients at an early date!”

Guoyuan Innovation Investment Project Team“The team has dedicated years to in-depth research on the specific activation mechanisms within the tumor microenvironment. Our core product, Lagubixing, has already demonstrated significant clinical efficacy, highlighting the company’s substantial investment value and its potential to grow into a leading enterprise in China’s innovative anti-tumor drug sector. Guoyuan Innovation Investment Co., Ltd. continues to closely monitor the healthcare sector and has invested in multiple high-quality assets. This investment further enriches our portfolio in biopharmaceuticals. We look forward to the early approval and market launch of the company’s products, providing patients with better therapeutic options that offer enhanced efficacy and reduced toxicity.”

Hongyao Sci-Tech Innovation Project Teamstated: “As a professional investment firm specializing in the healthcare sector, we continuously focus on innovative pharmaceutical companies in China that possess unique core technologies and address urgent clinical needs. Yafei Biomedical is precisely such a company, with its proprietary platform technology for tumor microenvironment-specific activation. This technology not only revolutionizes traditional chemotherapy drugs but also enhances the precision and safety of various immunotherapies. This cross-platform technology can significantly improve drug safety and efficacy, thereby enhancing patients’ quality of life. Hongyao Sci-Tech Innovation is honored to support this outstanding team at this stage, accelerating the market launch of clinically innovative products to benefit patients worldwide.”